Bitcoin mining

I can't help but wince at the waste of computing power here. Whatever the economics and viability of the Bitcoin market, it seems such a waste for all these machines to be producing no computing output of any value?
 
xibinim said:
If your GPU isn't on the GUIMiner list - game over? I have a 4870 1GB which apparently can do around 90Mhash/s

Though I guess my 4870 is roughly comparable to a 5770 which is on this list.
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Wouldn't bother personally at 90Mh/s, it'll take you AGES to mine anything worthwhile.
 
Addicted said:
What sort of return do you get at 1Gh/s out of interest then?

And why not mine BTC instead of LTC, I assume you're hoping LTC will soar in price?


Also I tried give-me-ltc.com earlier - I always get rejected shares?
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4.7 LTC a day, BTC is not profitable now, unless you are churning out a very good khash/s ratio.

Try the regular none stratum link before trying stratum and see if that works.
 
Chrisoldinho said:
4.7 LTC a day, BTC is not profitable now, unless you are churning out a very good khash/s ratio.

Try the regular none stratum link before trying stratum and see if that works.
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ok ty - I'll move over tonight :)

I think I was using an incorrect client - i was using guiminer, but it wasn't the scrypt version - unsure if that makes a difference?
 
SpaghettiOs said:
It's a shame that these mining pools are effectively glorified pyramid schemes.
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How do you work that out? there's no one at the bottom of any pyramid losing out?? They run a site, run servers, and charge a small fee.

..so many boo boys in this thread
 
holymonk said:
What is bitcoin mining, is it like minecraft, or farming in WoW for a rare item?
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No it's more like SETI@home, folding@home... except that there is the potential for monetary reward. It's actually quite similar to Premium Bonds, in the sense that it all comes down to a random number generator trying to brute force some cryptography. The more you invest in Premium Bonds the higher the probability you'll score a hit. Likewise with BitCoin, the more you invest (in processing power) the more likely you'll score a hit.
 
My brother bought a load a few months ago @ £7. He's just sold enough recoup his initial investment and buy a new gaming rig, while leaving most of the investment intact to see how far it goes in the long term. I almost did the same when he did because I know this kind of **** always happens to him - now I have my regrets.
 
yer_averagejoe said:
My brother bought a load a few months ago @ £7. He's just sold enough recoup his initial investment and buy a new gaming rig, while leaving most of the investment intact to see how far it goes in the long term. I almost did the same when he did because I know this kind of **** always happens to him - now I have my regrets.
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How many is a load? If he bought 100, he's gone from £700 to around £12,400!!
 
Dist said:
It's also worth pointing out that there is diminishing returns. Early on doing it on a home PC was viable, but as more bitcoins were mined, they become progressively harder to find. Steve Gibson a security researcher as said on the twit.tv podcast several times that he got a load of bit coins early on and saved them (which was good considering how much they have rocketed in price), but now to really make a profit you need a server farm dedicated to the task, otherwise it's pointless for the most part when for a home PC you look at the cost of electricity, the chance of success and the reward, and compare that to the lottery, and the lottery (or many other gambles, or investment) will work out better.
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So it's a giant pyramid scheme.....

:D
 
I looked at this with some interest until I saw the mining perfomance of a GTX 680 (and pretty much all Nvidia h/w) is horrendous. (which is what I have in my PC)

This whole scheme seems fairly risk free if you have a PC at home, with a fairly decent GPU and you leave it mining to generate coins that lead to either a potential cash pot, or if it crashes you're left with nothing but a fairly small electricity bill and a gaming PC that you have used anyway for gaming. (most modern gaming PC's at full load dont cost that much per hour to run).

I think if you were to invest your hard earnt money in the hope that the price inflates, you are playing a very risky game that will end in tears.

How easy is it to sell these coins for real money?
 
hanluc said:
How do you work that out? there's no one at the bottom of any pyramid losing out??
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People late to this game will lose out.

The only realy money now to be made will be speculating on them, which , like with any currency is risky.

If you were the first to do this and mined loads of them or bought 100's , maybe 1000's when they were worth a few pence/pounds then you will be majorly quids in and could have earnt a fortune.

It just isnt worth it now because it will crash.
 
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